LISLE COMMUNITY UNIT SCHOOL DISTRICT NO. 202 (Lisle, Illinois) Audited Financial Statements And Supplementary Financial loiormation .June 30, 2012 TABLE OF CONTENTS Independent Auditors' Report.. ............................................. ......................................................... Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Jlased on an Audit of Financial Statements Perfomted in Accordance with Govemment Auditi11g Sta11dards ................................................................. Management's Discussion and Analysis......................................... .... .. ................. ........................ 5 Basic Financial Statements: Government-wide Financial Statements: Statement of Net Assets- Modified Cash Basis .......... ............................. ............... .............. 17 Statement of Activities - Modified Cash Basis .............................................................. ....... 18 Fund Financial Statements: Statement of Assets and Liabilities Arising from Cash Transactions - Govemmental Funds.. .. ................................. ........... ........................ ........ ................ 19 Reconciliation of the Statement of Assets and Liabilities Arising fwm Cash Transactions of Governmental Funds to the Statement of Net Assets-Modified Cash Basis................ ...... ....................... ........ .. 20 Statement of Revenues Received, Expenditures Disbursed and Changes in Fund Balances - Governmental Funds .. .. .. ... .. ..... .. .. ... ...... .. .... .. ............... 21 Reconciliation of the Statement of Revenues Received, Expenditures Disbursed and Changes in Fund Balances of Governmental Funds to the Statement of Activities-Modified Cash Basis........................ ....................... 22 Statement of Fiduciary Assets and Liabilities- Agency Fund......... ..... .. ........ ................. 23 Notes to Financial Statements.......... ..... ....... ....... ....................... ...... .................. .......................... 24 TABLE OF CONTENTS Supplementa ry Financial Information: Combining Statements and Individual Fund Schedules: Major Funds: General Fund: Combining Statement of Assets and Liabilities Arising from Cash Transactions by Account......... ........... ......................................................... 45 Combining Statement of Revenues Received, Expenditures Disbursed and Changes in Fund Balances by Account............ .......... ...... ...... ......... .............. 46 Educational Account: Schedule of Revenues Received, Expenditures Disbursed and Changes in Fund Balance • Budget and Actual........................................................ ........ .. 47 Operations and Maintenance Account: Schedule of Revenues Received, Expenditures Disbursed and Changes in Fund Balance· Budget and Actual...................................................... .. .......... 57 Working Cash Account: Schedule of Revenues Received, Expenditures Disbursed and Changes in Fund Balance· Budget and Actual .......... ...... ................................................ .. 59 Tort Immunity Account: Schedule of Revenues Received, Expenditures Disbursed and Changes in Fund Balance· Budget and Actual............... ........... ...... .................................. 60 Non-Major Funds: Combining Statement of Assets and Liabilities Arising from Cash Transactions by Account · Nomnajor Govermnental Funds................................................................ 61 Combining Statement of Revenues Received, Expenditures Disbursed and Changes in Fund Balances by Account · Nonmajor Governmental Funds................ 62 Schedules of Revenues Received and Expenditures Disbursed · Nomnajor Governmental Funds: Transportation Fund: Schedule of Revenues Received, Expenditures Disbursed and Changes in Fund Balance· Budget and Actual............ ...... ...... .......................................... 63 Municipal Retirement/Social Security Fund: Schedule of Revenues Received, Expenditures Disbursed and Changes in Fund Balance · Budget and Actual............ ...... .... ...... ...... ..... ........................... 64 TA BLE OF CONTENTS Debt Service Fund: Schedule of Revenues Received, Expenditures Disbursed and Changes in Fund Balance- Budget and Actual .................................................................. 65 Fiduciary Funds - Agency Funds: Activity Funds- Schedule of Changes in Cash Balances ...................................................................................................... 66 Other Financial Infonnation: Schedule of Assessed Valuations, Tax Extensions and Collections............................................ 67 Schedule of Bonded Debt Maturities and Interest....................................................................... 68 Schedule of Per Capita Tuition Charge and Average Daily Attendance ..................................... 69 Schedule of Funding Progress..................................................... .......................................... ....... 70 MATHIESON ______M OYSKI· CELER ______ (630) 653-1616 & Co., LLP Fax(630)653-1735 Ccrllfied Public Accounllln1S 211 South Wheaton Avenue, Suite 300 Wheaton, IL 60187 Independent Auditors' Report Board of Education Lisle Community Unit School District No. 202 Lisle, Illinois We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund info rmation of Lisle Community Unit School District No. 202 (the District), as of and for the year ended June 30, 2012, which collectively comprise the District's basic financial statements as li sted in the table of contents. These financial statements are the responsibility of the District's management. Our responsibility is to express opinions on these financiul s tatemenl~ based on our audit. The prior year partial comparative information has been derived fi·om the District's 2011 financial statements and, in our report dated October 1.3, 2011 , we expressed unqualified opinions on the respective modified cash basis financial statements of the governmental activities, each major fund, and the aggregate remaining fund info rmation. We conducted our audit in accordance with auditing standards genera.lly accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standardr, issued by the Comptroller General of the United States. Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the fmancial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluati ng the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. As discussed in Note I, the District prepares its financial statements on the modified cash basis of accounting, wl1ich is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position-modified cash basis of the governmental activities, each major fund, and the aggregate remaining fund information of the District, as of June 30, 2012, and the respective changes in financial position-modified cash basis, thereof for the year then ended in conformity with the basis of accounting described in Note I. MEMBERS AMERICAN INSTITU'rE OF CERTIFIEO PUBLIC ACCOUI'ITANTS ILLINOIS CPA SOCIETY Board of Education Page2 In accordance with Government Auditing Standards, we have also issued our report dated October 8, 2012, on our c-onsideration of the District's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in conjunction with this report in considering the results ofour audit. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the District's financial statements as a whole. The combining and individual fund financial statements, management's discussion and analysis, schedules of funding progress relative to the Illinois Municipal Retirement Fund and the District's other post-employment benefits and other fmancial information are presented for purposes of additional analysis and are not a required part of the financial statements. The combining and individual fund fmancial statements are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information